• The Reserve Bank of India (RBI) has issued revised guidelines permitting banks to allow minors above the age of 10 to open and operate savings or term deposit accounts independently, subject to the bank's risk management policies and terms.
• Previously, minors could only open accounts through a guardian (natural, legal, or mother); now, those aged 10 and above can choose independent account operation, with banks determining account limits and terms.
• Upon reaching the age of majority, minors must provide updated operating instructions and signatures; banks can offer additional services like internet banking and debit cards based on their risk assessment, and must ensure accounts maintain a credit balance and undergo proper due diligence.